Recently, we covered the first five of the top questions on Tradeshift® Buy. Today, we round out the top ten, as we delve into other aspects of the software, such as compliance, approvals, and more. The questions are based on numerous analysts reviews, prospect RFPs, and live demos.
The approach we’ve taken with our eProcurement solution naturally raises questions, so if you don’t find an answer you’re looking for in the top ten please contact us and we’ll be happy to assist.
6. How does it ensure contract compliance?
Compliance starts with usability. Tradeshift Buy offers an experience reminiscent of consumer shopping, making it easy to inspire employee participation. The shopping experience is easy and “intelligent” as Tradeshift Buy uses machine learning to constantly improve search functionality.
We ensure compliant shopping by capturing all of a company’s spend, all the way through the long tail. Then, using our unique Business Firewall, we make sure you pay for exactly what you Buy.
7. What does the approval process look like?
Approvals in Tradeshift are completely flexible, so you design your own business rules for compliance purposes, and we encourage approvals by using our modern approach to user collaboration to reduce cycle times. This allows us to make sure that we are allowing Procurement to enable business efficiency and at the same time remain compliant.
The collaborative nature of the approval process allows procurement to enable the business in real time, while ensuring spend remains under management.
Users can add people to conversations, share product information, update pricing, and build purchase requests together with suppliers. Communicating information and feedback that could easily be missed means you get the right order from the beginning – and lightning-quick processing times.
8. What is Buy Anywhere?
This feature allows employees an ecommerce-like buying experience anywhere on the web using a browser plug-in. Buy Anywhere tracks online purchasing then issues a one-time credit card in real-time to use at checkout. Meanwhile, procurement gets full visibility and control with approval workflows, even outside the system.
This technology enables procurement to capture 100% of spend, even when employees go outside the normal channel. Buy Anywhere offers the freedom to buy from any online source and stay within policy.
9. What kind of efficiency gains should my staff see with Buy?
Staff will no longer have to track down receipts or chase unapproved expenses. Because all requests in the platform have an automated approval chain, procurement staff are in the loop from the beginning, cutting down not only on time resources but also manual reconciliation.
When employees begin buying directly from Tradeshift Shop–the virtual store within Tradeshift Buy–they’re using the world’s largest catalog as they have access to the entire internet as well as uploaded supplier catalogs. And because Tradeshift is a platform with 800,000 users, suppliers are highly incentivized to keep their offerings up to date. This capability greatly magnifies the gains from employees purchasing on catalog versus off, a win in itself for most buyers.
Tradeshift Buy helps procurement redeploy resources to more strategic activities. It eliminates the need to manage supplier catalogs, reduces the amount of exceptions throughout the P2P process, and reduces order and invoice cycle times by 30-50%, all while drastically speeding up the supplier onboarding process.
The final efficiency gain is business receiving what they want, when they need it by using a solution that allows for more collaborative interaction with a supplier.
10. Why would I choose it over Coupa, Ariba and other alternatives?
Both Coupa and Ariba focus on only digitizing 10-15% of supplier relationships, but going forward we don’t think that is enough. Tradeshift’s best-in-class supplier onboarding rates allow for entirely digitized supplier transactions, resulting in significantly more accurate information and enhanced supplier collaboration. Now consider that across an entire platform that makes the entire web its catalog and onboards all a buyers’ suppliers in one place.
One notable reason Tradeshift’s supplier onboarding rates are so high is our focus on creating supplier value. By creating win-wins for supplier and buyers, we incentivize 100% participation which leads to a virtuous cycle of value-adding network effects.
Ariba’s software was a huge jump for procurement when it first appeared, however in the ensuing 20 years, legacy software has simply been left behind. Everything from a lack of a true platform to charging suppliers results in increasing efficiency drag. For large, agile companies this simply won’t work.
For a 2.5 minute overview and to see Tradeshift Buy is action, check out the video below featuring Thijs Stalenhoef, SVP of Enterprise Product at Tradeshift.
If you’re still in the beginning stages of your eProcurement journey, download our essential guide to get started.
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